Kuwait Said to Cut Offer for Asia Naphtha Contract to $24 a Ton

Kuwait Petroleum Corp. lowered its offer price for a year’s supply of naphtha to Asia beginning in April, according to three people with knowledge of the talks.

The company offered to sell term supplies at a premium of $24 a metric ton above benchmark Middle East prices, down from $26 a ton earlier this week, the people said, asking not to be identified because the talks are private.

Two telephone calls to the company’s general line and marketing department in Kuwait City were not answered.

To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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